Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2019

SHANGHAI,March 25,2020 -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH),a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises,today announced itsunaudited preliminary[1] financial results for the fourth quarter of 2019 and the full year ended December 31,2019.

FULL YEAR 2019 FINANCIAL HIGHLIGHTS

Net revenuesin the full year 2019 were RMB3,391.8 million (US$487.2 million),a 3.1% increase from the full year 2018.

(RMB millions,

except percentages)

FY 2018

FY 2019

YoY Change

Wealth management

2,306.0

2,319.3

0.6%

Asset management

748.5

783.5

4.7%

Lending and other businesses

235.1

289.0

22.9%

Total net revenues

3,289.6

3,391.8

3.1%

Income from operationsin the full year 2019 wasRMB915.0 million (US$131.4 million),a 1.2%decreasefrom the full year 2018.

(RMB millions,

except percentages)

FY 2018

FY 2019

YoY Change

Wealth management

607.2

437.8

(27.9%)

Asset management

353.2

391.3

10.8%

Lending and other businesses

(33.9)

85.9

N.A.

Total income from operations

926.5

915.0

(1.2%)

Net income attributable to Noah shareholdersin the full year 2019 was RMB829.2 million (US$119.1 million),a 2.2% increase from the full year 2018.

Non-GAAP[2] net income attributable to Noah shareholdersin the full year 2019 was RMB1,038.2 million (US$149.1 million),a 2.7% increase from the full year 2018.

[1] As of the date hereof,the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates,net income,net income attributable to Noah shareholders,income per ADS and the balance of investments in affiliates in Noah's consolidated financial statements. If there will be any fair value adjustments associated with the above,which have not been included in these unaudited preliminary financial results in this press release,the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2019 and subsequent reporting if necessary.

[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation,fair value changes of equity securities (unrealized),adjustment for sale of equity securities and net of relevant tax impact,if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

FOURTH QUARTER 2019 FINANCIAL HIGHLIGHTS

Net revenuesfor the fourth quarter of 2019 were RMB788.3 million(US$113.2 million),a 4.1% decrease from the corresponding period in 2018.

(RMB millions,

except percentages)

Q4 2018

Q4 2019

YoY Change

Wealth management

578.5

527.9

(8.7%)

Asset management

160.2

204.1

27.4%

Lending and other businesses

83.4

56.3

(32.5%)

Total net revenues

822.1

788.3

(4.1%)

Income from operationsfor the fourth quarter of 2019 wasRMB126.3 million (US$18.1 million),a 20.9% decreasefrom the corresponding period in 2018.

(RMB millions,

except percentages)

Q4 2018

Q4 2019

YoY Change

Wealth management

118.4

34.8

(70.6%)

Asset management

41.3

91.0

120.3%

Lending and other businesses

0.0

0.5

N.A.

Total income from operations

159.7

126.3

(20.9%)

Net income attributable to Noah shareholdersfor the fourth quarter of 2019 was RMB102.8 million (US$14.8 million),a 34.0% decrease from the corresponding period in 2018.

Non-GAAP net income attributable to Noah shareholdersfor the fourth quarter of 2019 was RMB116.5 million (US$16.7 million),a 47.8% decrease from the corresponding period in 2018.

FOURTH QUARTER AND FULL YEAR 2019 OPERATIONAL UPDATES

Wealth Management Business

The Company's wealth management business offers financial products and provides value-added services to high net worth clients in China and overseas. Noah primarily distributes private equity,public securities,credit and insurance products denominated in RMB and other currencies.

Total number of registered clientsas of December 31,2019 was 293,760,a 12.9% increase from December 31,2018.

Total number of active clients[3] during the fourth quarter of 2019 was 4,512,a 4.3% decrease from the corresponding period in 2018.Total number of active clients during the full year 2019 was 14,538,a 6.7% increase from the full year 2018.

Aggregate value of financialproducts distributed during the fourth quarter of 2019 wasRMB13.2 billion (US$1.9 billion),a 47.7% decrease fromthe corresponding period in 2018,due to the fact that the Company is adjusting its product strategy and thus no longer offering single-counterparty credit products to clients since the last quarter.

Product type

Three months ended December 31,

2018

2019

(RMB in billions,except percentages)

Credit products

20.2

80.3%

1.0

7.2%

Private equity products

3.0

11.9%

1.8

13.8%

Public securities products

1.5

5.7%

9.7

73.7%

Other products

0.5

2.1%

0.7

5.3%

All products

25.2

100.0%

13.2

100.0%

[3] "Active clients" for a given period refers to registered high net worth clients who purchase financial products distributed or provided by Noah during that given period.

Aggregate value of financialproducts distributed during the full year 2019 was RMB78.5billion (US$11.3billion),a 28.6% decrease from the full year 2018,due to a significant decrease of single-counterparty credit product distributed in 2019.

Product type

Twelve months ended December 31,except percentages)

Credit products

75.5

68.6%

34.3

43.7%

Private equity products

18.9

17.1%

14.3

18.2%

Public securities products

13.6

12.4%

26.4

33.6%

Other products

2.0

1.9%

3.5

4.5%

All products

110.0

100.0%

78.5

100.0%

Average transaction value per active client[4]for the fourth quarter of 2019 was RMB2.9 million (US$0.4 million),a 45.3% decrease fromthe corresponding period in 2018. Average transaction value per active clientfor the full year 2019 was RMB5.4 million (US$0.8 million),a 33.1% decreasefromthe full year 2018.

Coverage networkin mainland China included 292 service centers covering 82 cities as of December 31,2019,compared with 307 service centers covering 81 cities as of September 30,and 313 service centers covering 83 cities as of December 31,2018. The change in service centers is primarily a result of consolidation of duplicate service centers in order to optimize costs and expenses.

Number of relationship managerswas 1,288 as of December 31,a 5.8% decrease from September 30,and an 18.6% decrease from December 31,2018,primarily as a result of the Company's efforts to streamline operational human resources. The turnover rate of core "elite" relationship managers was 4.1%,compared with 4.6% in the year of 2018.

[4] "Average transaction value per active client" refers to the average value of financial products that were purchased by active clients during the period specified.

Asset Management Business

The Company's asset management business is conducted through Gopher Asset Management Co.,Ltd. ("Gopher Asset Management"),is a leading alternative multi-asset manager in China with overseas offices in Hong Kong,United States and Canada. Gopher Asset Management develops and manages assets ranging from private equity,real estate,credit to multi-strategy investments denominated in Renminbi and other currencies.

Total assets under management as of December 31,2019 were RMB170.2 billion (US$24.5 billion),a 3.6% decrease from September 30,2019 due to the voluntary accelerated repayments of certain credit products and a 0.6% increase from December 31,2018.

Investment type

As of

September 30,

2019

Growth

Distribution/

Redemption

As of

December 31,

2019

(RMB billions,except percentages)

Private equity

105.9

60.0%

1.7

2.7

104.9

61.6%

Credit

33.4

19.0%

-

3.8

29.6

17.4%

Real estate

18.7

10.6%

1.9

3.0

17.6

10.3%

Public securities[5]

9.6

5.4%

0.7

1.0

9.3

5.5%

Multi-strategies

8.9

5.0%

1.1

1.2

8.8

5.2%

All Investments

176.5

100.0%

5.4

11.7

170.2

100.0%

[5] The distribution/redemption of public securities also includes market appreciation or depreciation.

Investment type

As of

December 31,

2018

Growth

Distribution/

Redemption

As of

December 31,except percentages)

Private equity

100.2

59.2%

10.3

5.6

104.9

61.6%

Credit

39.4

23.3%

10.2

20.0

29.6

17.4%

Real estate

16.7

9.9%

7.2

6.3

17.6

10.3%

Public securities

6.2

3.6%

5.5

2.4

9.3

5.5%

Multi-strategies

6.7

4.0%

3.4

1.3

8.8

5.2%

All Investments

169.2

100.0%

36.6

35.6

170.2

100.0%

Lending and Other Businesses

The Company's lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers,often secured with collateral. The total amount of loans originated during the fourth quarter of 2019 was RMB0.2 billion,compared with RMB4.2 billion in the corresponding period of 2018 as the Company reduced loan origination in response to market changes.

Mr. Yi Zhao,Group President of Noah,said,"The past year we experienced external pressures from economic downturn,turbulent situation in Hong Kong,Sino-US trade tensions and a changing financial regulatory landscape in China,and we have been proactively seeking paradigm transformation to meet our client's changing demand. From the third quarter,we ceased the offering of single-counterparty non-standardized credit products. I am encouraged by the robust momentum in our transition to offering more standardized products,and the healthy growth in the volume of our public securities transactions. We are happy to report the strong full year results,that the Group reached our Non-GAAP net income attributable to shareholders guidance of RMB1 billion to RMB1.1 billion,and a Non-GAAP net margin of 30.6%,which demonstrate our strong capability and sustainability. Noah is well placed in China's wealth management and asset management industry,in response to the COVID-19 outbreak. We will continue our paradigm transformation in 2020,and further invest in our IT infrastructure to enhance user experience in providing diversified products and value-added services to high-net-worth clients in China and overseas."

FOURTH QUARTER 2019 FINANCIAL RESULTS

Net Revenues

Net revenuesfor the fourth quarter of 2019 were RMB788.3 million (US$113.2 million),a 4.1% decrease from the corresponding period in 2018,primarily driven by decreased one-time commissions and other service fees,and partially offset by increased recurring service fees and performance-based income.

Wealth Management Business

- Net revenues from one-time commissionsfor the fourth quarter of 2019 were RMB158.3 million (US$22.7 million),a 34.3% decrease from the corresponding period in 2018 due to a decrease in single-counterparty credit products distributed in fourth quarter of 2019.

- Net revenues from recurring service feesfor the fourth quarter of 2019 were RMB306.4 million (US$44.0 million),a 2.9% increase from the corresponding period in 2018. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed as well as more redemption of credit products.

- Net revenues from performance-based incomefor the fourth quarter of 2019 were RMB15.8 million (US$2.3 million),compared with RMB0.1 million from the corresponding period of 2018,primarily due to an increase in performance-based income from public securities products as a result of a bullish A shares market this quarter.

- Net revenues from other service feesfor the fourth quarter of 2019 were RMB47.4 million (US$6.8 million),a 19.7% increase from the corresponding period in 2018,primarily due to the growth of various value-added services Noah offers to its high net worth clients.

Asset Management Business

- Net revenues from recurring service fees for the fourth quarter of 2019 were RMB159.7 million (US$22.9 million),an 8.0% increase from the corresponding period in 2018. The increase was primarily due to the increase in assets under management.

- Net revenues from performance-based income for the fourth quarter of 2019 were RMB41.8 million (US$6.0 million),a 286.2% increase from the corresponding period in 2018,primarily due to an increase in performance-based income from certain real estate funds.

Lending and Other Businesses

- Net revenues for the fourth quarter of 2019 were RMB56.3 million (US$8.1 million),a 32.5% decrease from the corresponding period in 2018,due to reduced loan origination in 2019.

Operating Costs and Expenses

Operatingcosts andexpensesfor the fourth quarter of 2019 were RMB662.1 million (US$95.1 million),a 0.1% decrease from the corresponding period in 2018. Operating costs and expenses primarily consisted of compensation and benefits of RMB374.1 million (US$53.7 million),selling expenses of RMB77.7 million (US$11.2 million),general and administrative expenses of RMB180.0 million (US$25.9 million) and other operating expenses of RMB42.1 million (US$6.0 million).

Operating costs and expensesfor the wealth management businessfor the fourth quarter of 2019 were RMB493.1 million (US$70.8 million),a 7.2% increase from the corresponding period in 2018,primarily due to an increase in allowance for doubtful accounts.

Operating costs and expensesfor the asset management businessfor the fourth quarter of 2019 were RMB113.1 million (US$16.3 million),a 4.8% decrease from the corresponding period in 2018,primarily due to a decrease in compensation and benefits.

Operating costs and expensesfor the lending and other businessesfor the fourth quarter of 2019 were RMB55.8 million (US$8.0 million),a 33.1% decrease from the corresponding period in 2018,primarily due to a decrease in compensation and benefits as employees structure under non-lending businesses was optimized in 2019.

Operating Margin

Operating margin for the fourth quarter of 2019 was 16.0%,compared with 19.4% for the corresponding period in 2018.

Operating margin for the wealth management businessfor the fourth quarter of 2019 was 6.6%,compared with 20.5% for the corresponding period in 2018,due to increase of allowance for doubtful accounts.

Operating marginfor the asset management business for the fourth quarter of 2019 was 44.6%,compared with 25.8% for the corresponding period in 2018 due to increased recurring service fee as well as more effective expense control.

Income for the lending and other businessesfor the fourth quarter of 2019 was RMB0.5 million (US$0.1 million),compared with break-even in the corresponding period of 2018.

Investment Income

Investment Lossfor the fourth quarter of 2019 was RMB17.7 million (US$2.5 million),compared with investment income of RMB6.5 million for the corresponding period in 2018. The loss was primarily due to changes in fair value of equity securities and other investments.

Income Tax Expenses

Income tax expensesfor the fourth quarter of 2019 were RMB28.2 million (US$4.0 million),a 3.5% decrease from the corresponding period in 2018,primarily due to lower taxable income.

Income from Equity in Affiliates

Income from equity in affiliatesfor the fourth quarter of 2019 was RMB14.9 million (US$2.1 million),compared with RMB2.5 million in the corresponding period in 2018. We are still reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Although we do not anticipate material variance barring unexpected fluctuations in the portfolio companies' performance,any potential changes in fair value of those investments could affect the income from equity in affiliates.

Net Income

Net Income

- Net income for the fourth quarter of 2019 was RMB117.9 million (US$16.9 million),a 22.1% decrease from the corresponding period in 2018.

- Net margin for the fourth quarter of 2019 was 15.0%,down from 18.4% for the corresponding period in 2018.

- Net income attributable to Noah shareholders for the fourth quarter of 2019 was RMB102.8 million (US$14.8 million),a 34.0% decrease from the corresponding period in 2018.

- Net margin attributable to Noah shareholders for the fourth quarter of 2019 was 13.0%,down from 18.9% for the corresponding period in 2018.

- Net income attributable to Noah shareholders per basic and diluted ADSfor the fourth quarter of 2019 was RMB1.67 (US$0.24) and RMB1.66 (US$0.24),respectively,compared with RMB2.61 and RMB2.54 respectively,for the corresponding period in 2018.

Non-GAAP Net Income Attributable to Noah Shareholders

- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2019 was RMB116.5 million (US$16.7 million),a 47.8% decrease from the corresponding period in 2018.

- Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2019 was 14.8%,down from 27.1% for the corresponding period in 2018.

- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2019 was RMB1.88 (US$0.27),down from RMB3.64 for the corresponding period in 2018.

FULL YEAR 2019 FINANCIAL RESULTS

Net Revenues

Net revenuesfor the full year 2019 were RMB3,a 3.1% increase from the full year 2018,primarily due to increases in recurring service fees and other service fees and partially offset by the decrease in one-time commissions.

Wealth Management Business

- Net revenues from one-time commissionsfor 2019 were RMB923.8 million (US$132.7 million),a 9.3% decrease from 2018,primarily due to the product transformations in the second half of the year that led to a drop in single-counterparty credit products offerings.

- Net revenues from recurring service feesfor 2019 were RMB1,150.2 million (US$165.2 million),a 1.8% increase from 2018. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.

- Net revenues from performance-based incomefor 2019 were RMB23.3 million (US$3.4 million),a 47.1% decrease from 2018,primarily due to a decrease in performance-based income from public securities products.

- Net revenues from other service feesfor 2019 were RMB221.9 million (US$31.9 million),a 96.4% increase from 2018,primarily due to the growth of various value-added services Noah offers to its high net worth clients.

Asset Management Business

- Net revenues from recurring service fees for 2019 were RMB686.5 million (US$98.6 million),a 7.6% increase from 2018. The increase was primarily due to the increase in assets under management and service fees income generated from voluntary accelerated repayments of certain credit products in 2019.

- Net revenues from performance-based income for 2019 were RMB89.2 million (US$12.8 million),a 9.8% decrease from 2018,primarily due to a decrease in performance-based income from public securities products.

Lending and Other Businesses

- Net revenues for 2019 were RMB289.0 million (US$41.5 million),a 22.9% increase from 2018.

Operating costs and expenses

Operatingcosts andexpensesfor 2019 were RMB2,476.8 million (US$355.8 million),a 4.8% increase from the full year 2018. Operating costs and expenses for the full year 2019 primarily consisted of compensation and benefits of RMB1,610.8 million (US$231.4 million),selling expenses of RMB331.3 million (US$47.6 million),general and administrative expenses of RMB427.2 million (US$61.4 million) and other operating expenses of RMB196.8 million (US$28.3 million).

Operating costs and expensesfor the wealth management businessfor 2019were RMB1,881.5 million (US$270.3 million),a 10.8% increase from2018,primarily due to an increase in compensation and benefits as well as general and administrative expenses.

Operating costs and expensesfor the asset management businessfor2019were RMB392.3 million (US$56.3 million),a 0.8% decrease from2018,primarily due to a decrease in general and administrative expenses.

Operating costs and expensesfor the lending and other businessesfor2019 were RMB203.0 million (US$29.2 million),a 24.5% decrease from 2018,primarily due to a decrease in compensation and benefits as employees structure under non-lending businesses was optimized since the beginning of 2019.

Operating Margin

Operating margin for the full year 2019 was 27.0%,compared to28.2% for the full year 2018.

Operating margin for the wealth management business for 2019 was 18.9%,compared to 26.3% for 2018,mainly due to increased legal expenses related to the Camsing case as well as a greater allowance for doubtful accounts.

Operating margin for the asset management businessfor 2019 was 49.9%,compared to 47.2% for 2018.

Operating margin for the lending and other business for 2019 was 29.7%,compared to a loss of RMB33.9 million for 2018.

Investment Income

Investment loss for the full year 2019 was RMB28.6 million (US$4.1million),compared with investment income of RMB49.1 million for the full year 2018. The investment loss was primarily due to changes in fair value of equity securities.

Income Tax Expenses

Income tax expensesfor the full year 2019 were RMB220.0 million (US$31.6 million),a 1.0% decrease from the full year 2018.

Net Income

Net Income

- Net income for the full year 2019 was RMB863.8 million (US$124.1 million),a 7.5% increase from the corresponding period in 2018.

- Net margin for the full year 2019 was 25.5%,up from 24.4% for the full year 2018.

- Net income attributable to Noah shareholders for the full year 2019 was RMB829.2 million (US$119.1 million),a 2.2% increase from the full year 2018.

- Net margin attributable to Noah shareholders for the full year 2019 was 24.4%,down from 24.7% for the full year 2018.

- Net income attributable to Noah shareholders per basic and diluted ADSfor the full year 2019 was RMB13.56 (US$1.95) and RMB13.42 (US$1.93),compared with RMB13.85 and RMB13.33 respectively,for the full year 2018.

Non-GAAP Net Income Attributable to Noah Shareholders

- Non-GAAP net income attributable to Noah shareholders for the full year 2019 was RMB1,a 2.7% increase from the full year 2018.

- Non-GAAP net margin attributable to Noah shareholders for the full year 2019 was 30.6%,unchanged from the full year of 2018.

- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2019 was RMB16.80 (US$2.41),up from RMB16.58 for the full year 2018.

BALANCE SHEET AND CASH FLOW

As of December 31,the Company had RMB4,387.3 million (US$630.2 million) in cash and cash equivalents,compared with RMB2,704.1 million as of December 31,2018 and RMB3,669.2 million as of September 30,2019.

Net cash inflow from the Company's operating activities during the fourth quarter of 2019 was RMB838.6 million (US$120.5 million),compared to net cash inflow of RMB511.3 million in the corresponding period in 2018. The increase was mainly due to changes in working capital. Net cash inflow from the Company's operating activities during the full year 2019 was RMB1,284.3 million (US$184.5 million),compared to RMB1,029.4 million during the full year 2018,driven by profit earned from business operations and enhanced collection of accounts receivables.

Net cash outflow from the Company's investing activities during the fourth quarter of 2019 was RMB179.9 million (US$25.8 million),compared to net cash outflow of RMB188.4 million in the corresponding period in 2018. Net cash outflow from the Company's investing activities during the full year 2019 was RMB178.1 million (US$25.6 million),compared to net cash outflow of RMB395.7 million during the full year 2018,due to fewer investments made in 2019.

Net cash inflow from the Company's financing activities was RMB136.3 million (US$19.6 million) in the fourth quarter of 2019,compared to net cash inflow of RMB7.5 million in the corresponding period in 2018,primarily due to the capital contribution by non-controlling shareholders of a consolidated subsidiary. Net cash inflow from the Company's financing activities during the full year 2019 was RMB543.3 million (US$78.0 million),compared to RMB109.8 million cash inflow during the full year 2018. The cash inflow for 2019 was mainly due to the proceeds related to contribution of non-controlling interest.

NOTE TO FINANCIAL INFORMATION

As of the date of this press release,weare still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates,income per ADS andthe balance of investments in affiliates in our consolidated financial statements. While not included in the unaudited preliminary fourth quarter 2019 financial results in this press release,we will include any such fair value adjustments in the audited consolidated financial statements in our 2019 Form 20-F and will make a subsequent announcement when our review conclude,as appropriate.

2020 FORECAST

The global outbreak of a novel strain of coronavirus (COVID-19) has notably slowed down the global economy. Despite the fact that various travel bans in China and cross border have put heavy constraints on the Company's face-to-face interactions with clients,the Company is excited to see a strong momentum in the transaction value of standardized products being offered. Hence,the Company remains reasonably optimistic about the recovery or even a moderate growth in its total transaction value in 2020 compared to 2019. In the meantime,as part of its overall transformation strategy,the Company has decided to further increase its investment in IT infrastructure and online platform development. This will primarily consist of the major upgrades of the Smiling Fund APP,the construction of the global version of Smiling Fund APP and the creation of a new SaaS system for institutional channels. The Company expects to spend around 3-5% of its total net revenue in such investment in 2020. Given the above considerations,the non-GAAP net income attributable to Noah shareholders for the full year 2020 will be in the range of RMB800 million to RMB900 million. This forecast reflects management's current business outlook and is subject to further change.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's fourth quarter and full year 2019 unaudited financial results and recent business activities.

The conference call may be accessed with the following details:

Conference call details

Date/Time:

Tuesday,March 24,2020 at 8:00 p.m.,U.S. Eastern Time

Wednesday,2020 at 8:00 a.m.,Hong Kong Time

Dial in details:

-United States Toll Free

+1 866-311-7654

-Mainland China Toll Free

4001-201-203

-Hong Kong Toll Free

800-905-945

-International

+1-412-317-5227

Conference Title:

Noah HoldingsFourth Quarter 2019Earnings Call

Participant Password:

Noah Holdings Limited

A telephone replay will be available starting approximately one hour after the end of the conference call until March 31,2020 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10139594.

A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahgroup.com.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP,the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation,fair value changes of equity investments (unrealized),adjustment for sale of equity securities and net of tax impact,if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and,therefore,may not be comparable to similarly titled measures used by other companies.

When evaluating the Company's operating performance in the periods presented,management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such,the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on high net worth individuals. In the full year 2019,Noah distributed RMB78.5 billion (US$11.3 billion) of financial products. Through Gopher Asset Management,Noah had assets under management of RMB170.2 billion (US$24.5 billion) as of December 31,2019.

Noah's wealth management business primarily distributes diversified financial products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,288 relationship managers across 292 service centers in 82 cities in mainland China,and serves the international investment needs of its clients through offices in Hong Kong,Taiwan,United States,Canada,Australia and Singapore. The Company's wealth management business had 293,760 registered clients as of December 31,2019. As a leading alternative multi-asset manager in China,Gopher Asset Management develops and manages assets ranging from private equity,credit to multi-strategy investments denominated in Renminbi and other currencies. The Company also provides lending services and other businesses.

For more information,please visit Noah at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement,the unaudited financial results for the fourth quarter of 2019 and full year ended December 31,2019 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted,all translations from RMB to US$ are made at a rate of RMB6.9618 to US$1.00,the effective noon buying rate for December 31,2019 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things,the outlook for 2020 and quotations from management in this announcement,as well as Noah's strategic and operational plans,contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about Noah's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: its goals and strategies; its future business development,financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes;investment risks associated with financial products distributed to Noah's investors,including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission,including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release,and Noah does not undertake any obligation to update any such information,including forward-looking statements,as a result of new information,future events or otherwise,except as required under the applicable law.

Contacts:

NoahHoldings Limited

Sonia Han

Tel: +86-21-8035-9221

ir@noahgroup.com

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

September 30,

December 31,

2019

2019

2019

RMB'000

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

3,669,150

4,387,345

630,203

Restricted cash

2,500

6,589

946

Short-term investments

557,130

671,259

96,420

Accounts receivable,net

287,818

219,566

31,539

Loans receivable,net

541,703

688,970

98,964

Amounts due from related parties

666,584

548,704

78,816

Loans receivable from factoring business,net

60,000

-

-

Other current assets

298,403

243,701

35,004

Total current assets

6,083,288

6,766,134

971,892

Long-term investments,net

930,055

881,091

126,561

Investment in affiliates

1,289,296

1,272,261

182,749

Property and equipment,net

307,680

296,320

42,564

Operating lease right-of-use assets,net

367,873

352,186

50,588

Deferred tax assets

126,914

167,430

24,050

Other non-current assets

79,654

67,182

9,651

Total Assets

9,184,760

9,802,604

1,408,055

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

432,800

555,719

79,824

Income tax payable

96,668

126,743

18,205

Deferred revenues

192,614

100,693

14,464

Other current liabilities

333,132

721,898

103,694

Total current liabilities

1,055,214

1,505,053

216,187

Operating lease liabilities,non-current

370,845

362,757

52,107

Deferred tax liabilities

65,314

56,401

8,101

Other non-current liabilities

11,952

3,433

493

Total Liabilities

1,503,325

1,927,644

276,888

Equity

7,681,435

7,874,960

1,131,167

Total Liabilities and Equity

9,055

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000,except for USD data,per ADS data and percentages)

(unaudited)

Three months ended

December 31,

Change

2018

2019

2019

Revenues:

RMB'000

RMB'000

USD'000

Revenues from others:

One-time commissions

173,814

150,494

21,617

(13.4%)

Recurring service fees

142,435

125,851

18,077

(11.6%)

Performance-based income

147

15,909

2,285

10,722.4%

Other service fees

126,212

105,691

15,182

(16.3%)

Total revenues from others

442,608

397,945

57,161

(10.1%)

Revenues from funds Gopher

manages:

One-time commissions

69,098

10,659

1,531

(84.6%)

Recurring service fees

305,937

342,658

49,220

12.0%

Performance-based income

10,861

41,981

6,030

286.5%

Total revenues from funds Gopher

manages

385,896

395,298

56,781

2.4%

Total revenues

828,504

793,243

113,942

(4.3%)

Less: VAT related surcharges

(6,401)

(4,900)

(704)

(23.4%)

Net revenues

822,103

788,343

113,238

(4.1%)

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(162,638)

(133,306)

(19,148)

(18.0%)

Others

(265,477)

(240,808)

(34,590)

(9.3%)

Total compensation and

benefits

(428,115)

(374,114)

(53,738)

(12.6%)

Selling expenses

(104,765)

(77,741)

(11,167)

(25.8%)

General and administrative

expenses

(94,938)

(180,012)

(25,857)

89.6%

Other operating expenses

(51,710)

(42,064)

(6,042)

(18.7%)

Government grants

17,145

11,862

1,704

(30.8%)

Total operating costs and

expenses

(662,383)

(662,069)

(95,100)

(0.1%)

Income from operations

159,720

126,274

18,138

(20.9%)

Other income (expense):

Interest income

14,104

22,977

3,300

62.9%

Interest expenses

(1,002)

-

-

N.A.

Investment income (loss)

6,547

(17,725)

(2,546)

N.A.

Other expense

(1,326)

(308)

(44)

(76.8%)

Total other income (expense)

18,323

4,944

710

(73.0%)

Income before taxes and

income from equity in

affiliates

178,043

131,218

18,848

(26.3%)

Income tax expense

(29,203)

(28,174)

(4,047)

(3.5%)

Income from equity in affiliates

2,526

14,883

2,138

489.2%

Net income

151,366

117,927

16,939

(22.1%)

Less: net (loss) income

attributable to non-controlling

interests

(4,273)

15,134

2,174

N.A.

Net income attributable to

Noah shareholders

155,639

102,793

14,765

(34.0%)

Income per ADS,basic

2.61

1.67

0.24

(36.0%)

Income per ADS,diluted

2.54

1.66

0.24

(34.6%)

Margin analysis:

Operating margin

19.4%

16.0%

16.0%

Net margin

18.4%

15.0%

15.0%

Weighted average ADS

equivalent[1]:

Basic

59,676,698

61,532,722

61,722

Diluted

61,590,911

61,900,487

61,487

ADS equivalent outstanding at

end of period

60,129,547

61,599,313

61,313

[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000,per ADS data and percentages)

(unaudited)

Twelve months ended

December 31,

Change

2018

2019

2019

Revenues:

RMB'000

RMB'000

USD'000

Revenues from others:

One-time commissions

733,009

690,860

99,236

(5.8%)

Recurring service fees

593,856

524,692

75,367

(11.6%)

Performance-based income

43,101

23,437

3,367

(45.6%)

Other service fees

361,886

522,958

75,118

44.5%

Total revenues from others

1,731,852

1,761,947

253,088

1.7%

Revenues from funds Gopher

manages:

One-time commissions

294,984

240,808

34,590

(18.4%)

Recurring service fees

1,182,693

1,320,773

189,717

11.7%

Performance-based income

100,533

89,648

12,877

(10.8%)

Total revenues from funds

Gopher manages

1,578,210

1,651,229

237,184

4.6%

Total revenues

3,310,062

3,413,176

490,272

3.1%

Less: VAT related surcharges

(20,454)

(21,364)

(3,069)

4.4%

Net revenues

3,608

3,391,812

487,203

3.1%

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(633,599)

(625,044)

(89,782)

(1.4%)

Others

(930,593)

(985,726)

(141,591)

5.9%

Total compensation and

benefits

(1,564,192)

(1,610,770)

(231,373)

3.0%

Selling expenses

(412,720)

(331,346)

(47,595)

(19.7%)

General and administrative

expenses

(279,387)

(427,215)

(61,366)

52.9%

Other operating expenses

(169,368)

(196,793)

(28,268)

16.2%

Government grants

62,583

89,278

12,824

42.7%

Total operating costs and

expenses

(2,363,084)

(2,476,846)

(355,778)

4.8%

Income from operations

926,524

914,966

131,425

(1.2%)

Other income (expense):

Interest income

69,841

89,099

12,798

27.6%

Interest expenses

(10,028)

(430)

(62)

(95.7%)

Investment income (loss)

48,616

(28,620)

(4,111)

N.A.

Other expense

(23,356)

(7,040)

(1,011)

(69.9%)

Total other income (expense)

85,073

53,009

7,614

(37.7%)

Income before taxes and

income from equity in

affiliates

1,011,597

967,975

139,039

(4.3%)

Income tax expense

(222,320)

(220,025)

(31,605)

(1.0%)

Income from equity in affiliates

14,469

115,809

16,635

700.4%

Net income

803,746

863,759

124,069

7.5%

Less: net (loss) income

attributable to non-controlling

interests

(7,551)

34,608

4,971

N.A.

Net income attributable to

Noah shareholders

811,297

829,151

119,098

2.2%

Income per ADS,basic

13.85

13.56

1.95

(2.1%)

Income per ADS,diluted

13.33

13.42

1.93

0.7%

Margin analysis:

Operating margin

28.2%

27.0%

27.0%

Net margin

24.4%

25.5%

25.5%

Weighted average ADS

equivalent[1]:

Basic

58,576,802

61,160,362

61,362

Diluted

61,421,080

61,848,191

61,191

ADS equivalent outstanding at

end of period

60,313

[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

December 31,

Change

2018

2019

2019

RMB'000

RMB'000

USD'000

Net income

151,939

(22.1%)

Other comprehensive income,net of tax:

Foreign currency translation adjustments

7,357

(81,693)

(11,734)

N.A.

Fair value fluctuation of available for sale

Investment (after tax)

(47)

7

1

N.A.

Comprehensive income

158,676

36,241

5,206

(77.2%)

Less: Comprehensive income (loss)

attributable to non-controlling interests

(4,260)

15,090

2,168

N.A.

Comprehensive income attributable to

Noah shareholders

162,936

21,151

3,038

(87.0%)

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Twelve months ended

December 31,

Change

2018

2019

2019

RMB'000

RMB'000

USD'000

Net income

803,069

7.5%

Other comprehensive income,net of tax:

Foreign currency translation adjustments

75,752

61,601

8,848

(18.7%)

Fair value fluctuation of available for sale

Investment (after tax)

(1,429)

(797)

(114)

(44.2%)

Comprehensive income

878,069

924,563

132,803

5.3%

Less: Comprehensive income (loss)

attributable to non-controlling interests

(7,638)

34,558

4,964

N.A.

Comprehensive income attributable to

Noah shareholders

885,707

890,005

127,839

0.5%

Noah Holdings Limited

Supplemental Information

(unaudited)

As of

December 31,

2018

December 31,

2019

Change

Number of registered clients

260,285

293,760

12.9%

Number of relationship managers

1,583

1,288

(18.6%)

Number of cities in mainland China

under coverage

83

82

(1.2%)

Three months ended

December 31,

2019

Change

(in millions of RMB,except number of active clients and percentages)

Number of active clients

4,717

4,512

(4.3%)

Transaction value:

Credit products

20,224

948

(95.3%)

Private equity products

2,999

1,811

(39.6%)

Public securities products

1,426

9,708

580.8%

Other products

521

703

34.9%

Total transaction value

25,170

13,170

(47.7%)

Average transaction value per activeclient

5.34

2.92

(45.3%)

Twelve months ended

December 31,except number of active clients and percentages)

Number of active clients

13,628

14,538

6.7%

Transaction value:

Credit products

75,498

34,316

(54.5%)

Private equity products

18,864

14,279

(24.3%)

Public securities products

13,605

26,378

93.9%

Other products

2,551

72.2%

Total transaction value

110,029

78,524

(28.6%)

Average transaction value peractiveclient

8.07

5.40

(33.1%)

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended December 31,2019

Wealth

Management

Business

Asset

Management

Business

Lending and

other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

149,806

688

-

150,494

Recurring service fees

124,872

979

-

125,851

Performance-based income

15,909

-

-

15,909

Other service fees

47,594

718

57,379

105,691

Total revenues from others

338,181

2,385

57,379

397,945

Revenues from funds Gopher manages

One-time commissions

9,344

1,315

-

10,659

Recurring service fees

183,119

159,539

-

342,658

Performance-based income

-

41,981

-

41,981

Total revenues from funds Gopher

manages

192,463

202,835

-

395,298

Total revenues

530,644

205,220

57,379

793,243

Less: VAT related surcharges

(2,707)

(1,098)

(1,095)

(4,900)

Net revenues

527,937

204,122

56,284

788,343

Operating costs and expenses:

Compensation and benefits

Relationship managers

(133,306)

-

-

(133,306)

Others

(143,475)

(75,072)

(22,261)

(240,808)

Total compensation and benefits

(276,781)

(75,261)

(374,114)

Selling expenses

(64,026)

(9,099)

(4,616)

(77,741)

General and administrative

expenses

(138,538)

(28,650)

(12,824)

(180,012)

Other operating expenses

(22,676)

(3,190)

(16,198)

(42,064)

Government grants

8,925

2,870

67

11,862

Total operating costs and expenses

(493,096)

(113,141)

(55,832)

(662,069)

Income from operations

34,841

90,981

452

126,274

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended December 31,2018

Wealth

Management

Business

Asset

Management

Business

Lending and

other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

173,415

399

-

173,814

Recurring service fees

139,996

2,439

-

142,435

Performance-based income

147

-

-

147

Other service fees

39,831

1,028

85,353

126,212

Total revenues from others

353,389

3,866

85,353

442,608

Revenues from funds Gopher

manages

One-time commissions

69,018

80

-

69,098

Recurring service fees

159,812

146,125

-

305,937

Performance-based income

-

10,861

-

10,861

Total revenues from funds Gopher

manages

228,830

157,066

-

385,896

Total revenues

582,219

160,932

85,353

828,504

Less: VAT related surcharges

(3,751)

(730)

(1,920)

(6,401)

Net revenues

578,468

160,202

83,433

822,103

Operating costs and expenses:

Compensation and benefits

Relationship managers

(162,215)

-

(423)

(162,638)

Others

(152,045)

(84,132)

(29,300)

(265,477)

Total compensation and benefits

(314,260)

(84,723)

(428,115)

Selling expenses

(91,429)

(7,278)

(6,058)

(104,765)

General and administrative

expenses

(52,444)

(27,838)

(14,656)

(94,938)

Other operating expenses

(15,241)

(1,722)

(34,747)

(51,710)

Government grants

13,300

2,090

1,755

17,145

Total operating costs and expenses

(460,074)

(118,880)

(83,429)

(662,383)

Income from operations

118,394

41,322

4

159,720

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Twelve months ended December 31,2019

Wealth Management

Business

Asset Management

Business

Lending and

other Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

688,652

2,208

-

690,860

Recurring service fees

520,013

4,679

-

524,692

Performance-based income

23,333

104

-

23,437

Other service fees

222,912

4,274

295,772

522,958

Total revenues from others

1,454,910

11,265

295,772

1,947

Revenues from funds Gopher manages

One-time commissions

239,409

1,399

-

240,808

Recurring service fees

635,437

685,336

-

1,773

Performance-based income

97

89,551

-

89,648

Total revenues from funds Gopher

manages

874,943

776,286

-

1,229

Total revenues

2,329,853

787,551

295,772

3,176

Less: VAT related surcharges

(10,574)

(3,971)

(6,819)

(21,364)

Net revenues

2,319,279

783,580

288,953

3,812

Operating costs and expenses:

Compensation and benefits

Relationship managers

(625,044)

-

-

(625,044)

Others

(607,336)

(279,895)

(98,495)

(985,726)

Total compensation and benefits

(1,232,380)

(279,495)

(1,770)

Selling expenses

(287,541)

(26,661)

(17,144)

(331,346)

General and administrative

expenses

(316,480)

(75,605)

(35,130)

(427,215)

Other operating expenses

(103,846)

(25,978)

(66,969)

(196,793)

Government grants

58,704

15,878

14,696

89,278

Total operating costs and expenses

(1,881,543)

(392,261)

(203,042)

(2,846)

Income from operations

437,736

391,319

85,911

914,966

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Twelve months ended December 31,2018

Wealth

Management

Business

Asset

Management

Business

Lending and

other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

731,424

1,585

-

733,009

Recurring service fees

571,782

22,074

-

593,856

Performance-based income

42,570

531

-

43,101

Other service fees

113,570

8,225

240,091

361,886

Total revenues from others

1,459,346

32,415

240,091

1,852

Revenues from funds Gopher

manages

One-time commissions

292,899

2,085

-

294,984

Recurring service fees

564,228

618,465

-

1,693

Performance-based income

1,739

98,794

-

100,533

Total revenues from funds Gopher

manages

858,866

719,344

-

1,210

Total revenues

2,318,212

751,759

240,091

3,062

Less: VAT related surcharges

(12,206)

(3,228)

(5,020)

(20,454)

Net revenues

2,306,006

748,531

235,071

3,608

Operating costs and expenses:

Compensation and benefits

Relationship managers

(631,234)

-

(2,365)

(633,599)

Others

(534,516)

(273,098)

(122,979)

(930,593)

Total compensation and benefits

(1,165,750)

(273,098)

(125,344)

(1,192)

Selling expenses

(367,589)

(22,200)

(22,931)

(412,720)

General and administrative

expenses

(164,802)

(80,873)

(33,712)

(279,387)

Other operating expenses

(54,291)

(25,310)

(89,767)

(169,368)

Government grants

53,620

6,148

2,815

62,583

Total operating costs and expenses

(1,698,812)

(395,333)

(268,939)

(2,084)

Income (loss) from operations

607,194

353,198

(33,868)

926,524

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended December 31,2019

Wealth Management

Business

Asset Management

Business

Lending and

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

324,935

173,100

57,379

555,414

Hong Kong

135,164

28,480

-

163,644

Others

70,545

3,640

-

74,185

Total revenues

530,243

Three months ended December 31,2018

Wealth Management

Business

Asset Management

Business

Lending and

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

400,499

118,267

85,353

604,119

Hong Kong

180,042

42,033

-

222,075

Others

1,678

632

-

2,310

Total revenues

582,504

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Twelve months ended December 31,2019

Wealth Management

Business

Asset Management

Business

Lending and

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

1,494,742

676,837

295,772

2,467,351

Hong Kong

633,168

99,957

-

733,125

Others

201,943

10,757

-

212,700

Total revenues

2,176

Twelve months ended December 31,2018

Wealth Management

Business

Asset Management

Business

Lending and

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

1,750,754

565,137

240,091

2,555,982

Hong Kong

565,061

185,990

-

751,051

Others

2,397

632

-

3,029

Total revenues

2,062

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB,except for per ADS data and percentages)

(unaudited)[6]

Three months ended

December 31,

Change

2018

2019

RMB'000

RMB'000

Net income attributable to Noah shareholders

155,793

(34.0%)

Adjustment for share-based compensation

34,174

20,977

(38.6%)

Less: gains (loss) from fair value changes of equity

securities (unrealized)

(4,596)

2,158

N.A.

Add: gains from sales of equity securities

12,011

-

N.A.

Less: tax effect of adjustments

(16,730)

5,095

N.A.

Adjusted net income attributable to Noah shareholders

(non-GAAP)

223,150

116,517

(47.8%)

Net margin attributable to Noah shareholders

18.9%

13.0%

Non-GAAP net margin attributable to Noah shareholders

27.1%

14.8%

Net income attributable to Noah shareholders per ADS,

diluted

2.54

1.66

(34.6%)

Non-GAAP net income attributable to Noah shareholders

per ADS,diluted

3.64

1.88

(48.4%)

[6] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the

effects of all forms of share-based compensation,

adjustment for sale of equity securities and net of tax impact,if any.

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB,except for per ADS data and percentages)

(unaudited)

Twelve months ended

December 31

December 31

Change

2018

2019

RMB'000

RMB'000

Net income attributable to Noah shareholders

811,151

2.2%

Adjustment for share-based compensation

112,763

94,897

(15.8%)

Less: (gains) loss from fair value changes of equity

securities (unrealized)

(39,557)

15,628

N.A.

Add: gains from sales of equity securities

45,240

149,652

230.8%

Less: tax effect of adjustments

(1,966)

19,845

N.A.

Adjusted net income attributable to Noah shareholders

(non-GAAP)

1,010,823

1,038,227

2.7%

Net margin attributable to Noah shareholders

24.7%

24.4%

Non-GAAP net margin attributable to Noah shareholders

30.7%

30.6%

Net income attributable to Noah shareholders per ADS,

diluted

13.33

13.42

0.7%

Non-GAAP net income attributable to Noah shareholders

per ADS,diluted

16.58

16.80

1.3%

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